1. Opportunity cost is the best example of:
a) Sunk Cost
b) Standard Cost
c) Relevant Cost
d) Irrelevant cost
2. If, Sales = Rs. 800,000, Markup = 25% ofcost, what would be the value of Gross profit?
a) Rs. 200,000
b) Rs. 160,000
c) Rs. 480,000
d) Rs. 640,000
3. Which of the following is correct?
a) Opening finished goods units + Units produced - Closingfinished goods units = Units sold
b) Units Sold = Units produced + Closing finished goods units -Opening finished goods units
c) Sales + Average units of finished goods inventory
d) None of the given options
4. Loss by fire is an example of:
a) Normal Loss
b) Abnormal Loss
c) Both normal loss and abnormal loss
d) Can not be determined
5. In cost Accounting, abnormal loss is charged to:
a) Factory overhead control account
b) Work in process account
c) Income Statement
d) All of the given options